Warren Buffett’s 2012 letter to shareholders

Warren Buffett's much-anticipated annual letter to Berkshire Hathaway shareholders for 2012 is more than 13,000 words long, but some words stand out more than others. Below, you can see the 188 words in this new missive that Buffett had never previously used in a shareholder letter, which he has written every year since 1977. Those are in pink. All other words are in shades of blue; the darker, the more recently it was first used. Roll over any word to see the year in which Buffett first used it.